Smart fitness equipment is used for physical exercises that help control overall weight, improve physical endurance, and build muscle strength. These devices are used to track information including sleep, steps, calories, heart rate, and other fitness, further helping to improve the overall physical condition of the human body.
Increasing awareness among people related to health and fitness is one of the main drivers of the growth of the global smart fitness market. The factor attributed to the growth of the market is the increase in health problems such as obesity, diabetics, heart attacks, which further increases the demand for fitness equipment.
For example, in 2013, according to the analysis of the Institute for Health Metrics and Evaluation, almost 30% of the world’s population suffered from obesity or overweight worldwide. Additionally, according to diabetics.org, the total number of people in the US with diabetes was 7.2 million in 2014, and in 2015, 1.5 million new cases were reported, representing 6, 7% per 1,000 people. Therefore, increasing awareness among people will proportionally demand such fitness equipment, helping them to keep track of health-related information such as heart rate, number of calories burned, and training time. This is expected to further help improve the overall physical condition of the body, which in turn will contribute to the growth of the global smart fitness market.
In addition, the increasing programs of government initiatives related to health awareness is another factor driving the growth of the market. For example, in May 2004, at the 57th World Health Assembly (WHA), it endorsed the World Health Organization (WHO) Global Strategy on Diet, Physical Activity and Health. The goal of this strategy is to promote and protect health by targeting each individual, community, national and global level in a way that helps reduce the rates of illness and death related to unhealthy diet and physical inactivity.
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The high price of smart fitness equipment is a major factor limiting market growth. This prompted start-up gyms and fitness centers and internal users to buy second-hand equipment. Therefore, the high prices of this equipment are a major factor that makes it difficult to purchase new equipment for commercial purposes. This is expected to negatively affect sales of new smart fitness equipment.
Global Smart Fitness Market: Segment Trends
Based on product type, the smartwatch segment accounted for the largest market share in 2017 and is expected to maintain its position over the forecast period. This is due to the high demand for wireless health monitoring devices. For example, according to Coherent Market Insights analysis, the total smartwatch sales unit in 2016 was $ 36 million and increased to $ 76 million in 2017, globally. These smart watches carry out multiple functions such as real-time heart rate monitoring, fitness monitoring, step tracking, calorie burn tracking, general sleep statistics, fitness training tracking, and daily routine tracking. to provide valuable information about your health. This further helps the doctor to diagnose the health of his patient remotely. This is expected to help the segment grow during the forecast period.
Global Smart Fitness Market: Regional Insights
North America held a dominant position in the global smart fitness market in 2017 and is expected to maintain its dominance throughout the forecast period (2018-2026). This growth is attributed to a growing number of obesity-related health problems, such as heart disease, type 2 diabetes, and others, that directly affect adults, youth, and children. For example, according to the analysis of the National Center for Health, in 2017, in the US 40% of adults and 19% of young people suffered from obesity. Therefore, the growing concern among people about health-related problems is leading to an increased demand for fitness equipment to manage their physical condition. Therefore, all of these factors will help drive the growth of the smart fitness market in this particular region.
Global Smart Fitness Market: Competitive Landscape
The main players operating in the global smart fitness market are Apple Inc., Fitbit Inc., Garmin Ltd., Jawbone, LG Electronics, MAD Apparel, Inc., Samsung Electronics Co., Ltd., Sony Mobile Communications Inc., Polar Electro, and OMsignal. Major market players such as Apple Inc., Fitbit Inc., Samsung and others are focusing on adopting an M&A strategy to strengthen their presence in the market. For example, in February 2018, Fitbit, Inc. acquired Twine Health. The objective of the acquisition is to increase its offering in the healthcare sector, which further helped the company to gain a competitive advantage in the market.
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